According to data published by a16z on October 31, 2026, the average price of AI tokens has fallen 67% since May 2026, while total spending has increased by between 122% and 160%. AI agents consume nearly five times more tokens than human users, and their usage has grown roughly 14-fold since February 2026. Meanwhile, Nvidia B300 GPU rental prices have risen 106% and B200 rental prices 66% since mid-July 2026. This surge in demand, driven by more automated workflows, reflects the Jevons paradox: lower AI costs are stimulating usage and pushing total spending beyond what the decline in unit prices alone would suggest.
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